Consolidated profit before tax stood at Rs 557.15 crore in Q2 FY24, registering a growth of 55.43% from Rs 358.45 crore posted in Q2 FY23.

EBITDA stood at Rs 608.9 crore in Q2 FY24, up 43% YoY. EBITDA margin improved by around 160 bps YoY to 14.4%, Better operating leverage and favourable product mix contributed to margin improvement.

Wires and Cables business revenue grew 28% YoY basis to Rs 3,804.70 crore on the back of strong volume growth. Continued strong demand supported by government capex and robust real-estate off-take enabled sustenance of growth momentum. Domestically both distribution driven business and institutional business exhibited strong performance.

FMEG business exhibited marginal growth of 8% YoY to Rs 329.96 crore in Q2FY24 despite the larger businesses of Fans and Lights showing de-growth due to continued weakness in consumer demand. Switches business too exhibited excellent growth, with sales growing approximately 2x YoY, on a strong base.

As of 30 September 2023, net cash position improved to Rs 1,530 crore against Rs 1,010 crore net cash during the same period last year.

Inder T. Jaisinghani, chairman and managing director, Polycab India, said, “We continued our strong business performance in Q2, enabling the half yearly revenue and profitability to be the highest ever in the Company's history. Favourable demand environment with multiple avenues of growth along with our strong focus on execution has laid the foundation for the current year to be a remarkable chapter in the history of our organization.

During the quarter, we unveiled our new brand identity, symbolizing our commitment to innovation, technology, safety, and sustainability with a vision of "Connecting all to a brighter future.”

Polycab India is the largest manufacturer of Wires and Cables in India and fast growing player in the Fast Moving Electrical Goods (FMEG) space. The Group is also in the business of Engineering, Procurement and Construction (EPC) projects.

The scrip declined 2.46% and currently traded to Rs 5,332.40 on the BSE.